Used Car Loan - Zavron Finserv

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USED CAR LOAN
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What is a used car loan

• A used car loan is availed when a customer wants
  to purchase a used car from a dealership. The
  loan provider pays the amount in full to the
  dealership which is due after down payment
• Later on the customer can pay a fixed amount of
  EMI (Easy Monthly Installment) which consist of
  equally the distributed principal amount and the
  rate of the interest amount which the customer
  pays every month for a pre-decided amount of
  tenure

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Example of Car loan

• Ravi wants to purchase a car which amounts to 5
  lacs as per the dealer and market value of the
  car. Ravi avails an instant car loan from Zavron
  Finserv by paying a down payment of Rs. 1 lac.
  Zavron Finserv pays the due amount of 4 lacs to
  the dealer on behalf of Ravi
• Now Ravi will pay off the loan from Zavron Finser
  for 4 lacs with an EMI (Easy monthly installment)
  which includes the principal amount and interest
  due which is decided in the loan agreement
• His loan tenure is 3 years so for 36 months he
  will pay the EMI and repay the complete loan
  amount of 4 lacs

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Used Car Loan Eligibility

• 1. Salaried Individual
• Minimum age for a loan application 21 years
• Maximum age of loan maturity 70 years
• Income 2.4 lacs p.a and above
• Proof of income As per latest salary slip or
  Form 16
• Employment Minimum 1 year of continues
  employment
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• 2. Self Employed
• Minimum age for a loan application 18 years
• Maximum age of loan maturity 75 years
• Income 1.8 lacs p.a to 2 lacs p.a of business
  income
• Proof of income As per latest ITR
• Employment Minimum of 3 years in business

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Documents Required

• Age Proof Driving license, Aadhar Card or Birth
  Certificate
• ID Proof Any valid and government approved ID
  proof (driving license, aadhar card, PAN card
  etc)
• Loan Application Form duly filled
• Clear passport size photographs of the person who
  applies for loan
• Income Proof Salary slip, ITR, Form 16 or Bank
  statements
• Cheques for ECS
• Down payment receipt

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FAQs for Used Car Loan

• 1. How much amount of loan can I get for a
  used car?
• The loan amount sanctioned depends on the price
  of the car and down payment made for the same
  also you need to make sure the market value of
  the car is the same as the dealer is offering. A
  loan is given based on the market value of the
  car. In most cases, you get a loan up to 80 or
  70 of the cars market value
• 2. How long does it take for a loan to get
  approved?
• If the documents are clear then the loan gets
  sanctioned fast
• 3. Can I pay a higher down payment and avail
  a lower loan amount?
• Yes, you can pay a higher down payment if you
  want and get a loan on the remaining amount
• 4. Can I close the loan early than the
  tenure?
• A. This depends on the loan agreement, if you
  are eligible for pre-closure then you can avail
  it but there is a particular amount of pre
  closure charges which you need to pay

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• Address 125,Zavron finance Pvt. Ltd
• Maharajbaugh Road, Sitabuldi, Nagpur -440012
• Email ID info_at_zavronfinserv.com
• Contact Number 712-2520007

www.zavronfinserv.com